Union Jack Oil PLC has increased its interest in UK onshore license PEDL253 with a deal to acquire a 3% stake from Montrose Industries Ltd.
Upon completion of the deal and implementation of a settlement agreement between Egdon Resources UK Ltd., acting on behalf of joint venture partners, and Humber Oil & Gas Ltd. that resolved a joint operating agreement dispute, Union Jack will hold a 30% interest in the license that contains the Biscathorpe project.
Consideration for the additional interest is £115,000.
After the settlement, other partner interests are Egdon Resources (operator, 35.8%), Montrose Industries Ltd. (19.2%), and Humber Oil & Gas Ltd. (15%).